News ID: 321895
Published: 1251 GMT May 27, 2022

Raeisi administration determined to expand oil export markets

Raeisi administration determined to expand oil export markets

The administration of President Seyyed Ebrahim Raeisi has paved the ground for supply of crude oil in the Energy Exchange to boost oil exports and find new purchasers around the globe, an Iranian official underlined.

CEO of the National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr told IRNA that the oil export statistics in the Raeisi administration indicate a growing trend, noting that the administration has also succeeded in receiving oil export revenues.

The Iranian oil industry has made efforts to absorb investments in the industry, he said, adding that Iranian companies have improved their capacities in order to pave the ground for participating in international arenas.

Provided that all capabilities of the Islamic country are being utilized to nullify illegal and cruel sanctions, Iran will not be affected by the embargo, he noted.

Pointing to the increase of oil exports, the CEO argued that the hike includes both new export destinations as well as new oil purchasers in a bid to revitalize the traditional market.

Estimates for mounting Iran’s oil production capacity to 5.7 million bpd are a realistic approach, which has its basis on production potential of Iranian oil reservoirs and expertise analyses, he said.

Iran has also succeeded in becoming self-sufficient in planning and installing equipment of the oil industry, the official said.

Iranians are conducting negotiations with other states to export technical and engineering services, he noted, adding that Iranian authorities are determined to enhance the private sector in order to pave the way for implementing projects overseas.

A new suggestion on selling oil has been proposed by the NIOC, which is being studied, he said, noting that the new model consists of bonds for commodity deposit certificates.


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